Typically, sensitive data associated with a credit card, or other purchasing instrument, is printed on a face (front or back) of the credit card. The sensitive data may include a unique card number, a card holder's name, an expiration date of the credit card number, a card verification value (“CVV”) or any other suitable sensitive data.
The sensitive data may be visible to an onlooker who may obtain a copy (e.g., by taking a picture) of the sensitive data. The copy of the sensitive data may be used to initiate fraudulent transactions.
Typically, purchasing instruments may also include sensitive data encoded on a magnetic stripe. The sensitive data encoded on the magnetic stripe is read when the instrument is “swiped” through a card reader. Persons with malicious intents may utilize a skimming device to obtain a copy of the sensitive data encoded on the magnetic stripe. For example, a person with malicious intent may utilize a skimming device placed on or in an automated teller machine (“ATM”). The skimmer may be placed over a card slot reader of the ATM and may read the magnetic stripe as the purchasing instrument is inserted into the slot.
A user may not notice that a skimmer has been placed on or in an ATM because the skimmer may not impede legitimate access to the ATM or card reader. Thus, the skimmer may obtain a copy of the sensitive data encoded on a purchasing instrument's magnetic stripe in a manner transparent to the user.
Technology is currently being developed that may reduce a risk of a person with malicious intent obtaining a copy of sensitive data. For example, some purchasing instruments are now produced with “EMV” chips. EMV is a technology that derives its name from the companies (Europay, MasterCard, and Visa) that helped develop the technology. When the purchasing instrument and its associated EMV chip are inserted into a specialized card reader, the reader powers the EMV chip and the EMV chip generates a new authorization code each time the purchasing instrument is used. Thus, simply copying the sensitive data printed on the face of the purchasing instrument or encoded on the magnetic stripe may be insufficient to initiate a fraudulent transaction.
In addition to technology specifically developed to combat fraud, it would be desirable to leverage other technology to design a purchasing instrument that is more protective of sensitive data associated with a purchasing instrument.
However, a form factor of purchasing instruments is limited. Purchasing instruments are typically 85.60 millimeters (“mm”)×53.98 mm×0.8 mm. This limited form factor allows purchasing instruments to fit easily into a user's wallet or pocket yet also presents design challenges. For example, one design challenge involves the difficulty of attempting to include electronic features in a credit-card-size device. For example, to maintain this limited form factor, a purchasing instrument cannot be constructed using a relatively large power supply.
On the other hand, incorporating electronic features into purchasing instruments may provide technology-based solutions that more securely protect sensitive data. Furthermore, incorporating electronic features into purchasing instruments may increase efficient use and functionality of purchasing instruments.
It would be desirable to provide systems and methods for a purchasing instrument that improves security of sensitive data associated with the instruments, enhances usability of the instrument and maintains a limited form factor of the instrument.